Here's a new idea for your portfolio: what if you could invest like a billionaire hedge fund manager and get paid a 15% yield while you're at it? That's the pitch behind a new ETF that hit the market last week.

The VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY) launched on Feb. 26, adding another high-yield product to the issuer's growing lineup. The name is a mouthful, but the concept is pretty straightforward. It's trying to do two things at once: mimic the stock picks of billionaire investor David Tepper's Appaloosa Management, and then use options to generate a lot of income from those picks.

The target is an annual distribution of roughly 15%, which is... a lot. That's the headline number. The way it gets there is by taking Tepper's top disclosed U.S. stock positions—the 20 biggest holdings from his most recent regulatory filing—and then writing options against them. The fund tracks the BITA VistaShares TEPRTantrum Select Index, which is rebalanced quarterly using a rules-based methodology.

So you get a concentrated equity portfolio built around Tepper's highest-conviction bets, plus an options overlay designed to turn market volatility into cash flow. VistaShares CEO Adam Patti framed the launch as a contrarian tool, noting Tepper's reputation for making bold moves when market sentiment turns fearful.

This isn't a completely new idea for VistaShares. TPRY joins a suite of "Target 15" ETFs that all follow the same basic formula: replicate the disclosed equity exposures of a famous investor, then layer on a high-income options strategy. The other funds in the family include the VistaShares Target 15 Berkshire Select Income ETF (OMAH), inspired by Warren Buffett; the VistaShares Target 15 ACKtivist Distribution ETF (ACKY), drawing from Bill Ackman's strategies; and the VistaShares Target 15 DRUKMacro Distribution ETF (DRKY), which mirrors the top holdings of Stanley Druckenmiller's Duquesne Family Office.

Like its siblings, TPRY seeks to offer monthly cash distributions while maintaining exposure to a concentrated stock portfolio tied to a prominent investor's public holdings. The appeal is pretty clear: investors who want yield can get access to a hedge-fund-inspired equity strategy without the usual lockups or accreditation requirements, and potentially collect double-digit income along the way.

Of course, there are some important caveats here. A 15% distribution target does not guarantee total return—you could get that yield but still lose money if the stocks go down enough. And options overlays can cap your upside in roaring markets; if Tepper's picks skyrocket, the options strategy might limit how much of those gains you actually capture.

But for investors looking to blend contrarian equity exposure with aggressive income generation, TPRY represents the latest attempt to bottle Wall Street legend, and pay investors monthly for the privilege.